Bill > S0332

This bill modifies two sections of Rhode Island law to provide financial protections for individuals seeking public assistance and ABLE account holders. First, the bill amends the Public Assistance Act to exempt individual retirement accounts (IRAs) from being counted as a countable resource when determining eligibility for general public assistance, which means individuals can now have IRAs without disqualifying themselves from receiving aid. Second, the bill removes language that previously allowed the state to be a creditor against an ABLE account (Achieving a Better Life Experience account, which is a tax-advantaged savings account for individuals with disabilities) in the event of the beneficiary's death. These changes aim to provide more financial flexibility and protection for individuals with retirement savings and disabilities by preventing these accounts from being used to deny public assistance or be seized after the account holder's death. The bill will take effect immediately upon its passage.

Budget and Finance

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